How to expand your entrepreneurial vision - bizjournals:

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But changing is easier said than done. How do you acquires a fresh perspective? How do you open your mind to new possibilities? You start by at least considering opportunities you would neveer have entertained in the by trying to approach problems from a different by venturing outside your comfort zone and by takingt some carefully measured If you keep asking yourself thesame you’re going to keep gettintg the same answers. So, let’s ticklew your brain and switch upthe questions. Let’x view your business through fresh eyes. Take a look at your sales Let’s look at your sales upside down: What is it you aren’rt selling?
Think of all the recent sales you failexdto close. What were the reasons your would-bew customers gave you? • Are your customersd asking for a producg or service thatyou don’t offer?? In that case, is it time to expandd your portfolio to include something new? Are customers objecting to your prices? Should you re-evaluate your pricing methodology? Provide less expensive version of current offerings Expand payment terms to make purchasing more attractive • Are customers asking for smaller quantities than your currentt minimums allow? In a soft market, increasing throughput is smart. Can you adjusg your work flow to make smallerorders profitable?
Thinko back over the past year or so. Is thered anything different aboutyour customers? For one entrepreneur I know owns a martial arts In the past, he’d requirwe that students register for six months of classese at a time. Back in the good old days, customerzs signed up without thinking twice. Today, registrations are Yet he’s still sticking to his six-montgh rule, because “I have to pay my rent.” The problej is, customers are increasingly unwilling to committo six-month What if their kids lose interest? What if a parent loses his or her job? His classees haven’t changed, but his customers Because of the tighft economy, they’ve become commitment-shy.
If he wantw their business, he’ll find a way to accommodate For example, he could offer month-to-monthj memberships. Or, he could take a cue from the auto industryg and guarantee tuition refunds if someone loseesa job. Yes, he has to pay the But getting the rent money one month at a time beats not gettingy itat all. He’s operating under an outdatedd assumption. Now, what about you? Are you operating by obsolete “rules” that discourage customerzs from buying? Now, look at yourself Durin g tough times, entrepreneurs have to steel themselvew to do things theyfind unpleasant.
This is However, if you’re brainstorming ways to strengthejyour business, it helps to focusa on those aspects you most Chances are, these are your strengths. If you like what you’rer doing, you’re more likely to sticko with it. So ask yourself, what is it you like best abouyour business? What strengths can you builx on? What areas can you grow? For example, are theree related services you’ve thought abourt offering your customers, but never have Perhaps now is the time to act.
Ray Silverstein is presidenty of PRO: President’s Resourcse Organization, a network of entrepreneurial peer advisoruy groups in Phoenix and He also is the authorof “Thr Best Secrets of Great Small Businesses” and a columnist for You can reach him at 800-818-0150 or ray@propres.com.